{"id":6577,"date":"2025-12-31T20:16:15","date_gmt":"2025-12-31T19:16:15","guid":{"rendered":"https:\/\/eaa-online.org\/arc\/?p=6577"},"modified":"2025-12-31T20:18:51","modified_gmt":"2025-12-31T19:18:51","slug":"expectation-management-through-private-interactions-evidence-from-in-house-meetings","status":"publish","type":"post","link":"https:\/\/eaa-online.org\/arc\/blog\/2025\/12\/31\/expectation-management-through-private-interactions-evidence-from-in-house-meetings\/","title":{"rendered":"Expectation management through private interactions: evidence from in-house meetings"},"content":{"rendered":"<p>We investigate how m<span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>gers use private channels to adjust <span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>lysts\u2019 forecasts, based on a unique dataset of firms\u2019 private in-house meetings in China. For firms facing strong expectation m<span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>gement incentives, we find that compared to <span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>lysts who do not attend their private meetings, those who attend produce steeper forecast walkdowns, suggesting that m<span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>gers with such incentives opportunistically exploit private interactions to dampen <span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>lysts\u2019 forecasts. Moreover, this private guidance is more effective if the meeting atten<span class=\"outlook-search-highlight\" data-markjs=\"true\">de<\/span>es inclu<span class=\"outlook-search-highlight\" data-markjs=\"true\">de<\/span> both mutual funds and <span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>lysts or if meetings occur after the current fiscal year-end. Further <span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>lyses indicate that <span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>lysts\u2019 incentives to gain better access to m<span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>gement information and secure un<span class=\"outlook-search-highlight\" data-markjs=\"true\">de<\/span>rwriting business induce their cooperative behaviour. We further i<span class=\"outlook-search-highlight\" data-markjs=\"true\">de<\/span>ntify unique roles of private versus public guidance in m<span class=\"outlook-search-highlight\" data-markjs=\"true\">ana<\/span>ging expectations. Overall, we <span class=\"outlook-search-highlight\" data-markjs=\"true\">de<\/span>pict a dynamic and interactive process of private guidance.<\/p>\n<p>The reference for this article can be found below:<\/p>\n<p>Hu, J., &amp; Li, T. (2025). Expectation management through private interactions: evidence from in-house meetings. <i>European Accounting Review<\/i>, 1\u201329. <a href=\"https:\/\/doi.org\/10.1080\/09638180.2025.2593373\">https:\/\/doi.org\/10.1080\/09638180.2025.2593373<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We investigate how managers use private channels to adjust analysts\u2019 forecasts, based on a unique dataset of firms\u2019 private in-house meetings in China. For firms facing strong expectation management incentives, we find that compared to analysts who do not attend their private meetings, those who attend produce steeper forecast walkdowns, suggesting that managers with such [&hellip;]<\/p>\n","protected":false},"author":1585,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0},"categories":[260],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Expectation management through private interactions: evidence from in-house meetings - ARC<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Expectation management through private interactions: evidence from in-house meetings - ARC\" \/>\n<meta property=\"og:description\" content=\"We investigate how managers use private channels to adjust analysts\u2019 forecasts, based on a unique dataset of firms\u2019 private in-house meetings in China. 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